Popular
Total views: 2500+
Floorplan
MapGuide price
£350,000Mixed use for sale
57-59, High Street, Leiston, Suffolk, IP16
Mixed use
2998
Key information
Tenure: Freehold
Council tax: Ask agent
Features and description
- Prominent multi-let building - 2x shops & 2x flats
- Fully let investment generating £29,000 per annum
- Guide price £350,000
Leiston is situated approximately 4.5 miles to the east of Saxmundham and the A12 and 4.5 miles north west of Aldeburgh. The A12 provides road communications with the county town of Ipswich, approximately 25 miles away.
Sizewell is within a short distance of the property. The property is located in a prominent position on the corner of High Street and Sizewell Road. Nearby occupiers include Fairweather Law, East of England Co-Op and EACH.
DESCRIPTION
The property comprises an attractive, mixed use, two storey building of brick construction beneath a pitched tiled roof. The property has been split to provide two retail shops over the ground floor and two self-contained apartments on the first floor.
57 High Street comprises a dual fronted retail unit with ancillary stores, tea-point and WC situated to the rear. The specification of the retail area includes LED lighting and carpet floor coverings.
59 High Street provides a retail area with store to the rear. A WC is located in the communal hallway. The shop is fitted with suspended ceilings incorporating LED lighting, wood effect laminate floor coverings and perimeter power points.
Flat 1 comprises a recently refurbished 3 bedroom apartment and Flat 2 comprises a 2 bedroom apartment. The residential accommodation is accessed via a central ground floor entrance, together with an external rear staircase for means of escape.
ACCOMMODATION [Approximate Net & Gross Floor Areas]
57 High Street: 1,401 sq ft [ 130.12 sq m]
59 High Street: 318 sq ft [ 29.51 sq m]
Flat 1 [3 bedroom]: 773 sq ft [ 71.84 sq m]
Flat 2 [2 bedroom]: 506 sq ft [ 46.98 sq m]
TENANCIES
Salient points of the lease as follows (copies of leases available upon request):
57 High Street is let on a 10 year lease from 1st August 2022, at a current passing rent of £9,000 pax. Tenant only break clause and rent review Aug 2027.
59 High Street is let until 24th March 2033, at a current passing rent of £5,000 pax. Tenant only break clause at the end of the 5th year. Rent reviews 25th March 2027 and 2030.
Flat 1 is let on an AST at a current rent of £650 per calendar month.
Flat 2 is let on an AST at a current rent of £600 per calendar month.
BUSINESS RATES / COUNCIL TAX
According to the Valuation Office Agency, the units are assessed as follows:
57 High Street-Rateable Value: £9,400
59 High Street-Rateable Value: £3,650
The apartments all fall within Council Tax Band A.
All interested parties should speak to the local rating authority to verify their rates liability.
SERVICES
It is understood the property is connected to mains water, electricity, gas and drainage.
We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility companies in connection with the availability and capacity of all
those serving the property including IT and telecommunications.
LOCAL AUTHORITY
East Suffolk Council, East Suffolk House, Riduna Park, Station Road, Melton, Suffolk, IP12 1RT.
[use Contact Agent Button]
ENERGY PERFORMANCE CERTIFICATE [EPC]
57 High Street: D Rating
59 High Street: C Rating
Flat 1: D Rating
Flat 2: D Rating
TERMS
Offers are invited in the region of £350,000 for the freehold interest, subject to the existing tenancies.
The property is not elected for VAT.
LEGAL COSTS
Each party is to be responsible for their own legal costs.
Sizewell is within a short distance of the property. The property is located in a prominent position on the corner of High Street and Sizewell Road. Nearby occupiers include Fairweather Law, East of England Co-Op and EACH.
DESCRIPTION
The property comprises an attractive, mixed use, two storey building of brick construction beneath a pitched tiled roof. The property has been split to provide two retail shops over the ground floor and two self-contained apartments on the first floor.
57 High Street comprises a dual fronted retail unit with ancillary stores, tea-point and WC situated to the rear. The specification of the retail area includes LED lighting and carpet floor coverings.
59 High Street provides a retail area with store to the rear. A WC is located in the communal hallway. The shop is fitted with suspended ceilings incorporating LED lighting, wood effect laminate floor coverings and perimeter power points.
Flat 1 comprises a recently refurbished 3 bedroom apartment and Flat 2 comprises a 2 bedroom apartment. The residential accommodation is accessed via a central ground floor entrance, together with an external rear staircase for means of escape.
ACCOMMODATION [Approximate Net & Gross Floor Areas]
57 High Street: 1,401 sq ft [ 130.12 sq m]
59 High Street: 318 sq ft [ 29.51 sq m]
Flat 1 [3 bedroom]: 773 sq ft [ 71.84 sq m]
Flat 2 [2 bedroom]: 506 sq ft [ 46.98 sq m]
TENANCIES
Salient points of the lease as follows (copies of leases available upon request):
57 High Street is let on a 10 year lease from 1st August 2022, at a current passing rent of £9,000 pax. Tenant only break clause and rent review Aug 2027.
59 High Street is let until 24th March 2033, at a current passing rent of £5,000 pax. Tenant only break clause at the end of the 5th year. Rent reviews 25th March 2027 and 2030.
Flat 1 is let on an AST at a current rent of £650 per calendar month.
Flat 2 is let on an AST at a current rent of £600 per calendar month.
BUSINESS RATES / COUNCIL TAX
According to the Valuation Office Agency, the units are assessed as follows:
57 High Street-Rateable Value: £9,400
59 High Street-Rateable Value: £3,650
The apartments all fall within Council Tax Band A.
All interested parties should speak to the local rating authority to verify their rates liability.
SERVICES
It is understood the property is connected to mains water, electricity, gas and drainage.
We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility companies in connection with the availability and capacity of all
those serving the property including IT and telecommunications.
LOCAL AUTHORITY
East Suffolk Council, East Suffolk House, Riduna Park, Station Road, Melton, Suffolk, IP12 1RT.
[use Contact Agent Button]
ENERGY PERFORMANCE CERTIFICATE [EPC]
57 High Street: D Rating
59 High Street: C Rating
Flat 1: D Rating
Flat 2: D Rating
TERMS
Offers are invited in the region of £350,000 for the freehold interest, subject to the existing tenancies.
The property is not elected for VAT.
LEGAL COSTS
Each party is to be responsible for their own legal costs.
Property information from this agent
About this agent
Commercial Agency, Estate Agents and Letting Agents Our Ipswich office is home to our Suffolk Commercial agency team who specialise in the sale, letting and acquisition of commercial premises. The office is headed up by Alistair Mitchell MRICS, a Partner at Fenn Wright. The focus of this office is on the sale and letting of industrial, office and retail spaces across Suffolk and the provision of expert advice to support requests for formal valuations, rent reviews, strategic asset management and development decisions. Together with our commercial property valuation team, Fenn Wright offer unrivalled knowledge and exposure to the commercial property market within Ipswich and the surrounding area.